Title: Press Release: The Capital Markets Authority Opinion Poll on Draft Amendments Proposed to the Provisions Regarding Bonds, Sukuk and Exchange Traded Funds (ETFs)

Kuwait, July 16, 2024 – As part of the Capital Markets Authority’s (CMA) role in regulating securities activities as stipulated in Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, the CMA aims to achieve an integrated legislative environment to regulate and supervise securities activities by making the necessary updates to keep pace with the best international practices to reach a developed market. To achieve this, the CMA seeks to prepare the necessary legislative and technical environment to launch Bonds and Sukuk on the Securities Exchange and establish a dedicated platform for listing and trading Bonds and Sukuk. The CMA also seeks to create a market suitable for investment funds by introducing regulations for new types of investment funds such as Exchange-Traded Funds (ETF), which are open-ended funds listed on the Securities Exchange that track the performance of a group of securities listed on the Securities Exchange, or a non-Kuwaiti Securities Exchange, or a specific commodity or more.

In light of the launch of the second part of the third phase of implementing the "Market Development Program Project ", and the CMA's belief in the principle of participation and the importance of benefiting from the expertise and capabilities of the individuals and entities subject to its supervision, while taking into account their legitimate aspirations and visions in the resolutions or instructions it issues to regulate their field of work in securities activities without affecting the economic aspect of dealing and maintaining the CMA's standards to be among the best global practices, the Capital Markets Authority invites stakeholders and visionaries, those interested in securities activities in general, and people dealing in the market, individuals and institutions, to participate in the opinion poll regarding the regulatory provisions published on the CMA's website by reviewing the draft provisions and submitting comments and feedback on the proposed amendments to the Executive Bylaws of the Capital Markets Authority and Boursa Kuwait Rulebook for the following products:

1. Bonds and Sukuk.

The draft includes amendments to Module Ten (Disclosure and Transparency), Module Eleven (Dealing in Securities), and Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 in addition to the amendments to Boursa Kuwait Rulebook.

2. Exchange Traded Funds.

The draft includes amendments to Module One (Glossary), Module Five (Securities Activities and Registered Persons), Module Twelve (Listing Rules), and Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. 7 of 2010, in addition to specific amendments to the Boursa Kuwait Rulebook.

The CMA draws your attention to participate in the opinion poll on the regulatory provisions for Bonds, Sukuks and Exchange-Traded Funds is by going to the link shown below and uploading the forms and filling them with the required participation data:

https://cma.gov.kw/en/web/cma/212/

The CMA accepts proposals and opinions through the website below starting from Tuesday 16/07/2024 until the end of Monday 16/09/2024, in preparation for developing comprehensive visions and approving them in a way that achieves the interests of the various related parties, which enables the CMA to reach its goals and open new investment horizons as a result of the expected amendments, especially in terms of protecting people dealing in the market and keeping pace with the best international practices and standards.

Responses to this poll are to be sent via  the email address provided below:

mrd@cma.gov.kw

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Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw